The S&P 500 and Dow Jones Industrial Average struggled to make gains on Tuesday, following the release of new inflation data. The indices traded largely flat as investors analyzed the impact of rising prices on the economy. Additionally, bleak forecasts from technology giant Intel further weighed on market sentiment.
The latest consumer price index (CPI) numbers revealed that inflation surged by 0.6% in May, marking the largest increase since 2008. This figure exceeded economists' expectations and raised concerns about the potential effects on consumer spending and overall economic growth. The report also showed a year-over-year increase of 5% in consumer prices, the highest level in over a decade.
